Today I received first of DH's CRs - TU. I knew it was going to be bad, but I wasn't expecting this ... 20 derogs and a score of 523. I have my work cut out for me. My first step was to request all old addresses be removed. I did that. My next step is to start disputing the negative TLs, but I have a few questions about some of the TLs and how to proceed with them. 1. Under Public Records, child support order is listed. It only states docket number, plaintiff (ex-wife), date entered and amount (his monthly cs obligation). It does not list anything next to paid. Is this the norm? Are child support orders always listed on a credit report? Is this considered a negative and does it harm his score? If so, can it be removed? 2. There is a negative TL for back child support and it is showing up as a collection account. It shows a balance and past due of $1500, and was updated as of 12/02. There's a long story behind this and it was due to a mistake at the child support division (new computer system). They originally had him "owing" over $6000 in back child support when he was not behind at all. DH went to court in 8/02 to get it straightened out, which it was. There is a comment above this TL that says "The following item is suppressed pending credit grantor update." He owes nothing in back child support. How should I deal with this negative TL??? 3. DH had voluntary repo early last year. Negative TL is showing as charge-off, balance $0, most owed $4326 (should be $16,000), and past due $0. It is listed as an auto installment acct. There is no mention of the repo. Is it a given that it was a repo because it is listed as a charge-off? DH paid on loan for 2 years, but no pmt history is noted. Apparently, they didn't report it until the charge-off. My question is: Is it better that it's not listed as a repo? What is the best way to dispute this? 4. Mortgage opened 1987 and updated 2/98. Balance $0, past due $0, most owed $40,000. Status @ 2/98: paid or paying as agreed. It's in the negative category because 7 X 30 days late. DH's ex took over payments in 1996 and all lates were after that date. Would it be best to dispute this as never late to keep it on report? Or, should we dispute as not mine and have it removed? What are chances of Bank of America verifying 7 lates from 1996-1997? The good news is that there are 7 positive TLs, including one from Ford Motor Credit (fairly recent) for $25,000, never late. So, I think if we can have the negatives deleted, we might be in good shape. Any comments appreciated. Thanks!
LOL Butch! Hopefully, I won't come running to the board begging and pleading for help often during my quest for clean CRs. But, if I do, I'll look forward to gleaning some wisdom from you. ) Any thoughts on the questions I posted??
Just remember this is a long process and come back as much as possible. With that many derogs it will probably take over a year as you will not want to dispute everything at once. Start out by disputing the 4 more painful or incorrect. TU will only update after the full 30 days so if you dispute more in 2 weeks it will just extend the time. Wait the 30 days and see your results. Then pick 4 more. With 20 derogs it will take you 5 months of this. Then you come back for help with validation and other stuff. It took me a year and a half to clean up my report. It is slow, and painful, but it can be done.
#3 You posted is of interest to me. I sent validation letters to the OC's but used FCRA lingo instead of FDCPA lingo. There is about 20 days left for validation and about 15 left for verification from the CRA's. If no one posts a reply I will when this is settled.
#3 You posted is of interest to me. I sent validation letters to the OC's but used FCRA lingo instead of FDCPA lingo. There is about 20 days left for validation and about 15 left for verification from the CRA's. If no one posts a reply I will when this is settled.
Thanks, picantel. I figured it was going to be a long process. Choosing the most painful or incorrect TLs to attack first isn't going to be easy. They're all pretty ugly. ) Is 4 a good number to dispute at once with TU? I've read that some people dispute many more than that at one time. Would it be most effective to mix up the reasons for requesting they be removed or corrected? For example, some are clearly "not mine" and some are "never lates."
I think I would want the history of a TL from 1987 still on my report. So I would not want to do anything that might remove it (i.e. claiming "not mine.") I would first try "never late" with the CRAs. If that doesn't work, maybe talk to BoA a la the goodwill letter. (if you are unfamiliar with this tactic, try a search for "goodwill letter" and you will find various success stories and samples.) hope this helps. peace, delilah
flamva- Don't get your hopes for a rapid rise in FICO up too high I just deleted 20 (yes twenty) negatives from my credit file, I have 2 years of blemish-less credit and my FICO actually went DOWN!!!! I lost 20 points deleting 20 negatives and 15 not-mines. I would suggest, though, that you watch the CRA file like a hawk fir the next 6 monts. Deleted negatives are often put back in a month or two.
A bit of advice - I wouldn't dispute the BofA mortgage. If the lates were 96-97, then they should be coming off within the coming months. You might even try goodwill with BofA, especially since the account has been current since that time. Plus, it has been my experience that instead of deleting the late payment notations, your entire tradeline could be deleted if the CRA doesn't hear back from the creditor or if the creditor decides they don't want to be bothered with pulling the microfiche. As this is a 15+ year tradeline, I would not take any chance on losing it. Good luck - I was where you and your hubby were less than a year ago, and my situation has DRASTICALLY improved. -HDAlex
